Location: Utica-Rome, NY | Metro: Utica-Rome, NY MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,460 | $283,875 | 0.51% | F |
U.S. Census Bureau data (2024)
A landlord considering purchasing a property in ZIP code 13328 for Section 8 purposes must follow a structured decision-making process. The first question to address is whether the Fair Market Rent (FMR) of $1030 for the fiscal year 2024 can cover the debt service on a property valued at $263,517. To determine this, one needs to calculate the monthly mortgage payment, which includes principal, interest, taxes, and insurance. Assuming a typical mortgage rate and a 20% down payment, the monthly debt service would likely exceed the FMR, leading to a No on this first branch.
If the answer to the first question is negative, then the next consideration is irrelevant. However, for completeness, the second question is whether the market rent of $1,112 (based on Census ACS data) is above, at, or below the FMR. In this case, the market rent is higher than the FMR, suggesting that if a landlord can secure market-rate tenants, they might achieve better financial returns. This leads to an It Depends scenario, where the landlord's ability to attract non-Section 8 tenants plays a crucial role.
The third question pertains to demand. With 7.5% of the population being renters and the days on the market (DOM) being listed as N/A, it is challenging to assess the level of demand accurately. Typically, a lower DOM indicates higher demand, but without specific data, this assessment remains inconclusive. Given the limited information, the answer to this branch is also It Depends.
To summarize, the decision to invest in ZIP 13328 for Section 8 properties hinges primarily on the first question. Since the FMR does not sufficiently cover the debt service on a property of that value, the initial recommendation is No. However, if the landlord is willing to take on the risk with the potential to secure market-rate tenants, the investment could be viable under certain conditions, making the overall decision It Depends.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.